Larimar Therapeutics, Inc. (LRMR) shares soared 34.34 percent to $3.77, up $0.96 on Tuesday, after the company announced that the U.S. Food and Drug Administration granted Breakthrough Therapy Designation to nomlabofusp for the treatment of Friedreich's ataxia.
The stock is currently trading at $3.9200, compared with a previous close of $2.8100. It opened at $3.5900 and has traded between $3.5500 and $4.0000 during the session. Trading volume has surged to 43.95 million shares, far exceeding its average volume of 1.20 million shares.
The designation is intended to expedite development and regulatory review of nomlabofusp, a frataxin protein replacement therapy. The company also reported alignment with the FDA on plans to use skin FXN as a potential surrogate endpoint to support a planned Biologics License Application submission targeted for June 2026. The stock has traded in a 52-week range of $1.6100 to $5.3700.
For comments and feedback contact: editorial@rttnews.com
Business News
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.